In response to a tax cut, the consumption of a consumer who is borrowing constrained , whereas the consumption of a forward-looking, unconstrained consumer acting in accord with Ricardian equivalence . Group of answer choices increases; increases increases; remains unchanged remains unchanged; remains unchanged remains unchanged; increases

In response to a tax cut, the consumption of a consumer who is borrowing constrained INCREASES, whereas the consumption of a forward-looking, unconstrained consumer acting in accord with Ricardian equivalence REMAINS UNCHANGED.

Explanation:

The Ricardian Equivalence theory was one of the pillars of the classical monetary policy theory which was the most accepted macroeconomic theory until the Great Depression devastated the American Economy. Ricardian Equivalence stated that a decrease in taxes will not alter consumer spending nor aggregate demand because households will understand that the lower taxes imposed today must be paid tomorrow through higher taxes, so they would simply save more. Franklin Roosevelt replaced the classical monetary theory by the Keynesian theory and was able to pull the New Deal and finally got America out of the Great Depression.

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whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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